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Monsanto, the world’s largest seed company, reported a 6 percent drop in quarterly profit on Wednesday, but shares jumped more than 5 percent as the company beat forecasts, improved its near-term outlook and said it planned to double earnings over the next five years. The company also announced authorization of a $10 billion share repurchase. Its chairman, Hugh Grant, said that by the end of fiscal 2019, the company aimed to at least double full-year earnings. The company also raised the low end of its full-year outlook for earnings to $5.10 a share, from $5.00, while keeping the high end at $5.20. “The confidence level is off the charts,†said John Roberts, executive director of United States chemical equity research at UBS. Monsanto said it had earned $858 million, or $1.62 a share, in its third fiscal quarter. That was down from $909 million, or $1.68 a share, a year earlier, but it beat the average forecast of $1.56 a share from analysts surveyed by Thomson Reuters.
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